"Judge Benjamin N. Cardozo established that privity of duty is no longer required in regard to a lawsuit for product liability against the seller. This case is widely regarded as the origin of ""caveat venditor"" as it pertains to modern tort law in US. ""Caveat lector"" is Latin for ""let the reader beware"". One variant of this phrase is ""caveat auditor"", where the caveat is addressed to any receiver of a given (kind of) message (not necessarily a written one). Caveat emptor Caveat emptor (, ) is Latin for ""Let the buyer beware"" (from ""caveat"", ""may he beware"", a subjunctive"
"Comprador A comprador or compradore () is a ""person who acts as an agent for foreign organizations engaged in investment, trade, or economic or political exploitation"". A comprador is a native manager of European business houses in East and South East Asia, and, by extension, social groups that play broadly similar roles in other parts of the world. The term ""comprador"", a Portuguese word that means ""buyer"", derives from the Latin ""comparare"", which means ""to procure"". The original usage of the word in East Asia meant a native servant in European households in Guangzhou in southern China or the neighboring"
"from all responsibility for the thing sold while it remains in his possession. The general rule is that the seller is under an obligation to take care of the thing until the time comes for performance, and that he is responsible for any damage caused by his fraud or negligence. In ""Frumer v Maitland, Schreiner JA said, It will be convenient to consider first the obligations of a vendor who has not yet delivered the property sold. It is his duty to look after it as would a ""bonus paterfamilias"" and if he fails in that duty the purchaser would"
"Buyer A buyer is any person who contracts to acquire an asset in return for some form of consideration. When someone gets characterized by their role as a buyer of certain assets, the term ""buyer"" gets new meaning. For example, a ""buyer"" is a person who purchases finished goods, typically for resale, for a firm, government, or organization; while a person who purchases material used to make goods is sometimes called a purchasing agent. In product management, the buyer is the entity that decides to obtain the product. A buyer's primary responsibility is obtaining the highest quality goods at the"
"period"" where the consumer may change his mind. If a seller wishes to enter into such a market, it is the seller's risk to do so: caveat vendor. That risk cannot be transferred to the consumer. All credit contracts are covered by the Act. Responsibility for issuing credit is that of the creditor, that is, the merchant. The Act requires all creditors to inform them of any issuance. It is perfectly legal to ask the consumer to pay a premium for credit card purchases or any other form of credit, or to buy a car or motorcycle on lease, but"
"of the thing he is selling, but in fact is not? Such sales are, of course, valid, but ever since Roman days the law has said that a person who buys and takes possession of property from such a seller has no action unless and until he is threatened with eviction by someone with better legal title to the property (usually the true owner). The action arises in such circumstances out of what is known as the warranty against eviction. The warranty requires of the seller that he do whatever is legally possible to protect the buyer in his possession"
"of the ""res vendita"". An inability to do so renders him liable under this warranty. The warranty is obliquely re-articulated in the Consumer Protection Act. Three basic requirements must be met before the seller becomes liable on the buyer's eviction: Voet states, ""Eviction is the recovery by judicial process of our property, which the opponent has acquired by ""iustus titulus""."" It should be noted, however, that in present times the word has a much wider connotation than that given in Voet's definition. It means any lawful interference with ""vacua possessio"", by seller or third party. In Norman's ""Purchase and Sale"","
"the buyer knowing its true nature or value, especially when buying without inspecting the item beforehand. The phrase can also be applied to accepting an idea or plan without a full understanding of its basis. Similar expressions exist in other European languages, most of them referring to the purchase of a cat in a bag. This trick may be the origin of the expression ""letting the cat out of the bag"", meaning ""to reveal that which is secret"" (if the would-be buyer opened the bag, the trick would be revealed). In the April 1929 edition of the literary magazine ""London"
"Hindus as essential for success and Shubh Labh (ethical profit). Due diligence is the necessary amount of diligence required in a professional activity to avoid being negligent. This commonly arises in major acquisitions where the legal principle of caveat emptor (""let the buyer beware"") requires the purchaser to make a diligent survey of the property or service being sold. Diligence Diligence is one of the seven heavenly virtues. Diligent behavior is indicative of a work ethic; a belief that work is good in itself. Diligence is carefulness and persistent effort or work. Bernard et al. suggest diligence in a student"
"who have bought and then sold goods on to other parties do have the ""locus standi"" to bring proceedings to determine whether the person claiming a right to the property has a legitimate right to do so. The action on the warranty also arises where the ""res vendita"" or part of it is in the possession of a third party, and the buyer is unable to obtain it. As soon as eviction is threatened, the buyer is required to give the seller notice of the third party's claim to possession of the thing. The seller has to be given adequate"
"to the labeling of certain persons associated with the industry as 'dot.compradors'. Comprador A comprador or compradore () is a ""person who acts as an agent for foreign organizations engaged in investment, trade, or economic or political exploitation"". A comprador is a native manager of European business houses in East and South East Asia, and, by extension, social groups that play broadly similar roles in other parts of the world. The term ""comprador"", a Portuguese word that means ""buyer"", derives from the Latin ""comparare"", which means ""to procure"". The original usage of the word in East Asia meant a native"
"goods, and to pay for them. Generally, the goods must be of the quality, quantity, and description required by the contract, be suitably packaged and fit for purpose. The seller is obliged to deliver goods that are not subject to claims from a third party for infringement of industrial or intellectual property rights in the State where the goods are to be sold. The buyer is obliged to promptly examine the goods and, subject to some qualifications, must advise the seller of any lack of conformity within 'a reasonable time' and no later than within two years of receipt. The"
"latter reasonable opportunity to examine the thing prior to acceptance. The seller must give notice to the buyer of the fact that the thing is available, if the buyer cannot reasonably be expected to appropriate the thing without such notice. Mackeurtan writes, The seller of goods may be in default as regards his duty to deliver, either by not delivering at all, or by delivering goods other than, or more or less than, those bought, or because he has tendered the goods at an improper time or place. He may have repudiated his obligations. He may have broken his warranty"
"is a question of fact that the buyer must prove on the balance of probabilities. An inference that the disease or defect existed at the time of sale may be drawn from the fact that the disease or defect manifests itself shortly after the sale. Obviously the buyer does not have to prove that the defect was apparent at the time of sale. Where the subject matter of the sale is a class of goods (bags of maize, for example, or pockets of oranges), the aedilitian remedies apply. Yet the extent to which the buyer is entitled to redhibition is"
"without any apparent owner). Eventually a foreigner could rely upon the ""ius gentium"" (the right of the nations) in lieu of a treaty. Nevertheless, the bond of ""commercium"" meant more than this. It meant that the Latin was admitted to the Roman methods of acquiring property and of contracting obligations. In ""Ulpian""'s words """"Commercium est emendi vendendique invicem ius"""" (Commerce is the right of buying and selling with each other) does not quite get across the actual definition of the right of ""commercium"", therefore it must be taken as giving only a rough description of the term. Commercium Latin Language,"
"Chandelor v Lopus Chandelor v Lopus (1603) 79 ER 3 is a famous case in the common law of England. It stands for the distinction between warranties and mere affirmations and announced the rule of ""caveat emptor"" (buyer beware). A man paid £100 for what he thought was a bezoar stone. This is a stone that forms in animals' intestinal systems, and was believed to have magical healing properties. The seller said it was a bezoar stone, which turned out to be false. The buyer sued for the return of the £100 purchase price. How the claimant discovered that the"
"the damaged goods delivered. The buyer may also claim any wasted necessary expenditure. This duty is the same as the duty to ""deliver the ""res vendita"","" as it is most often described—including in the new Consumer Protection Act. Some prefer Kerr's description. One should understand the terms ""making the thing sold available"" and ""delivery"" as being synonymous. Mackeurtan deals with this matter in great detail, enumerating the six elements of this duty (with semantic variations) as follows: The seller must make the thing available at the time and place stipulated in the contract. If no time is stipulated, the ""res"
"Sale of Goods Act 1979 states that in a contract for the sale of goods it is an implied condition that the goods supplied are of merchantable quality. The implied condition is excluded if any defects are drawn to the buyer's attention before the contract is concluded or if the buyer examines the goods before the contract is concluded and finds, or ought to have found, a defect. In the United States, the obligation is in Article 2 of the Uniform Commercial Code (UCC). This warranty will apply to a merchant (that is, a person who makes an occupation of"
"the thing when it is made available by the seller, or to receive it if it is brought to him. The classic statement of this duty is that of Pomponius: ""If a man buys the stone on an estate and refuses to remove it, an action on sale may be brought to enforce removal."" Where a buyer fails to remove or receive the thing timeously, he is in ""mora"". This has implications for the burden of the risk and entitles the seller to reimbursement for necessary expenditure in the upkeep and storage of the ""res vendita"". The buyer is required"
"first accept responsibility for their offenses and not rush to rid themselves of guilty feelings. Purchases can be divided into two different categories: material or experiential. A material good is made to be kept in the buyer's possession, while an experiential good provides the buyer with a life experience. A material good provides the buyer with a more enduring pleasure compared with an experiential, as these two purchases also result in different types of regret. While experiential purchases bring about regrets of a missed opportunity, material purchases result in buyer's remorse, which means that a person dwells on how their"
"received much judicial consideration. Some judges have applied definitions found in other acts, but the recent case of ""Stevenson v Rogers"" gives a wide definition to this requirement. It will encompass activity which is ancillary or loosely related to the business of a company. To use Richards' example, a bank that sells a company car will be acting ""in the course of a business"". Under section 15, when goods are bought by bulk and the buyer has tested or examined a small number of those goods, the seller is obliged to make sure that every item in the bulk corresponds"
"Appraiser An appraiser (from Latin ""appretiare"", ""to value""), is one who determines the fair market value of property, real or personal. In England the business of an appraiser is usually combined with that of an auctioneer, while the word itself has a similar meaning to that of ""valuer."" In the United States, the most common usage relates to real estate and personal property appraisals, while the term is often used to describe a person specially appointed by a judicial or quasi-judicial authority to put a valuation on property, ""e.g."" on the items of an inventory of the Tangible Property of"
"buyer is in ""mora"" in taking delivery. If the buyer has failed to take delivery, the seller is only liable for the consequences of his gross negligence (""culpa lata"") or fraud (""dolus""). He is not liable for ordinary negligence. The measure of care may also be varied by agreement. Where the ""res vendita"" has been damaged or lost while in possession of the seller prior to delivery, and the responsibility is not the seller's, he must cede to the buyer any rights of action he might have in respect of the damage, so that the buyer might exercise these rights"
"be discovered by a reasonable inspection. Latent defect In the law of the sale of property (both real estate and personal property or chattels) a latent defect is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale. The general law of the sale of property is caveat emptor (let the buyer beware) and buyers are under a general duty to inspect their purchase before taking possession. However, it is understood at law that inspection is often not sufficient to detect certain deficiencies in the product that can only be discovered"
"Consumer expectations test In legal disputes regarding product liability, a consumer expectations test is used to determine whether the product is negligently manufactured or whether a warning on the product is defective. Under this test, the product is considered defective if a reasonable consumer would find it defective. As an example, a reasonable consumer might find exposed blades on a lawnmower, without plastic guards that could be installed for pennies, to be defective because the risk of not having the plastic guards is higher than the costs of installing those guards. The test is mostly applied to non-complex products about"
"is a term describing terms of purchase, when full payment for a good or service is due before the merchandise is shipped. This presents the least risk to a seller while having the most risk to the buyer. It is often combined with other terms such as Free On Board, which require the buyer to take possession of the merchandise as soon as it is loaded onto transportation, meaning the buyer assumes the financial risk if the shipment is lost or damaged en route. In actual daily business these sort of terms are extremely rare unless the goods or services"
"if a buyer who inspects new goods with reasonable promptness discovers them to be ""nonconforming"" (failing to meet the description provided or any other standards reasonably expectable by a buyer in his/her situation) and does not use the goods or take other actions constituting acceptance of them, the buyer may promptly return or refuse to accept (""reject"") them and demand that the defect be remedied (""cured""). When goods fitting the same description and expectations are available for sale (""e.g."", when the vendor has other instances of the same mass-produced merchandise in stock inventory), either the vendor or the buyer may"
"Latent defect In the law of the sale of property (both real estate and personal property or chattels) a latent defect is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale. The general law of the sale of property is caveat emptor (let the buyer beware) and buyers are under a general duty to inspect their purchase before taking possession. However, it is understood at law that inspection is often not sufficient to detect certain deficiencies in the product that can only be discovered through destructive testing or other means"
"around the principle of caveat emptor, or ""buyer beware"", and transformed it into a plush shopping experience fit for the Gilded Age. Unconditional refunds, consistent pricing and international imports are among the Field innovations that became standards in quality retailing. Field's employees were also instructed not to push products on uninterested customers as was common practice in stores of the period. The quotes ""Give the lady what she wants"" and ""The customer is always right"" are attributed to Field. Though most famous today for his retail business, during his lifetime his wholesale business made far more money. During the 1880s,"
"right to claim ownership of the object of the transaction (a ""bona fide"" purchaser); however, in many cases, more than one innocent party is involved, making judgment difficult for courts and leading to numerous exceptions to the general rule that aim to give a degree of protection to ""bona fide"" purchasers and original owners. The possession of the good of title will be with the original owner. In American law, a ""bona fide"" purchaser who unknowingly purchases and subsequently sells stolen goods will, at common law, be held liable in trover for the full market value of those goods as"
"""Culpa lata"" was therefore similar to ""dolus"" (""fraud""). Indeed, some commentators consider ""dolus"" to be the appropriate standard. The parties could agree to vary the level of care expected of the depositee. A depositee was expected to return the thing on demand. Reasonable ""wear and tear"" was acceptable. The depositee was also bound to hand over any accretions of the thing, such as any young born to a deposited animal. The depositor was liable for any damage caused by the deposited thing, and the cost of transportation if the place that the things was to be returned differed from that"
"conducting himself would be equally bound as if he had intended to agree to the other party's terms."" The case stands for the narrow proposition that in a commercial sale by sample (following sample) where the goods conform to the sample shown, the court will mindful of the principle of caveat emptor look more to objective than subjective consensus ad idem. Its wider proposition, not directly relevant to the facts of the case, and later substantially reduced, was that a consumer buying an item, such as ""a horse"", without a representation or warranty (any seller's statement or special term as"
"area of a company's social responsibilities squarely into the financial arena. This area of concern is widening to include such considerations as the impact on local communities, the health and welfare of employees and a more thorough examination of a company's supply chain. Until fairly recently, caveat emptor (""buyer beware"") was the governing principle of commerce and trading. In recent times however there has been an increased assumption that the consumer has a right to a degree of protection and the vast growth in damages litigation has meant that consumer protection is a central consideration for those seeking to limit"